CMS ENERGY CORP

For the period ended Mar 31, 2025. Filed Apr 24, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 24, 2025

CMS$69.78+0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets (Unaudited)

ASSETS
In Millions
	March 312025	December 312024
Current Assets
Cash and cash equivalents	$465	$103
Restricted cash and cash equivalents	61	75
Accounts receivable and accrued revenue, less allowance of $29 in 2025 and $23 in 2024	1,016	1,049
Accounts receivable – related parties	12	14
Inventories at average cost
Gas in underground storage	247	435
Materials and supplies	310	299
Generating plant fuel stock	23	35
Deferred property taxes	360	448
Regulatory assets	173	229
Prepayments and other current assets	115	103
Total current assets	2,782	2,790
Plant, Property, and Equipment
Plant, property, and equipment, gross	35,281	34,932
Less accumulated depreciation and amortization	9,798	9,569
Plant, property, and equipment, net	25,483	25,363
Construction work in progress	2,420	2,098
Total plant, property, and equipment	27,903	27,461
Other Non‑current Assets
Regulatory assets	3,543	3,569
Accounts receivable	20	20
Investments	71	69
Postretirement benefits	1,666	1,627
Other	310	384
Total other non‑current assets	5,610	5,669
Total Assets	$36,295	$35,920

LIABILITIES AND EQUITY
In Millions
	March 312025	December 312024
Current Liabilities
Current portion of long-term debt and finance leases	$707	$1,195
Notes payable	—	65
Accounts payable	943	1,085
Accounts payable – related parties	8	8
Accrued rate refunds	2	38
Accrued interest	168	156
Accrued taxes	474	654
Regulatory liabilities	99	111
Other current liabilities	226	209
Total current liabilities	2,627	3,521
Non‑current Liabilities
Long-term debt	16,148	15,194
Non-current portion of finance leases	111	112
Regulatory liabilities	4,173	4,067
Postretirement benefits	95	96
Asset retirement obligations	725	728
Deferred investment tax credit	121	122
Deferred income taxes	3,002	2,925
Other non‑current liabilities	370	407
Total non‑current liabilities	24,745	23,651
Commitments and Contingencies (Notes 1 and 2)
Equity
Common stockholders’ equity
Common stock, authorized 350.0 shares in both periods; outstanding 299.1 shares in 2025 and 298.8 shares in 2024	3	3
Other paid-in capital	5,975	6,009
Accumulated other comprehensive loss	(41)	(41)
Retained earnings	2,174	2,035
Total common stockholders’ equity	8,111	8,006
Cumulative redeemable perpetual preferred stock, Series C, authorized 9.2 depositary shares; outstanding 9.2 depositary shares in both periods	224	224
Total stockholders’ equity	8,335	8,230
Noncontrolling interests	588	518
Total equity	8,923	8,748
Total Liabilities and Equity	$36,295	$35,920

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.